Sunday, August 20, 2017

Sales start on third Lake Suites tower

Vietnamese developer Hoang Ang Gia Lai (HAGL) has launched sales in the third and last of its Lake Suites towers –part of the firm’s landmark Myanmar Centre project.

Passers-by view a model of Hoang Ang Gia Lai’s Myanmar Centre project at a mall in Yangon. Photo: Naing Wynn Htoon / The Myanmar TimesPassers-by view a model of Hoang Ang Gia Lai’s Myanmar Centre project at a mall in Yangon. Photo: Naing Wynn Htoon / The Myanmar Times

The first phase of the US$440 million project included a shopping centre called Myanmar Plaza, which opened at the end of last year, and a hotel operated by Spanish chain Melia, which is due to open this year.

HAGL broke ground on the second phase at a ceremony on March 19. This phase includes two office towers, two serviced apartment towers and three residential apartment towers – The Lake Suites.

The firm has been selling units in the first two Lake Suites towers since last year, and started sales in the third and final tower on June 25, according to Le Thi Kim Hoa, director in the company’s sales and marketing department.

HAGL has sold all of the units its first Lake Suites tower, around 50 percent of units in the second and launched sales of the third on the back of this strong demand, she said.

Most of the buyers are local customers, and although foreigners are interested the country’s condominium law, which was passed in January after years of legislative back-and-forth, has yet to be formally enacted.

“When we can sell to foreigners depends on when the law says we can,” she said.

The units vary in size from 68 square metres for a one bedroom apartment to 119 square metres for a three bedroom unit. Prices start range from K300 million to K600 million, with higher prices for higher floors.

The first Lake Suites tower is scheduled to be completed in December of next year, and the second and third towers are due to be ready in 2018.

The Ho Chi Minh City-listed developer signed a $300 million build- operate-transfer (BOT) contract in 2013 with the government, state media reported at the time.

Last year, the project was valued at $550 million during a joint venture bid by Singapore’s Rowsley, though the deal fell through in April. Rowsley said it had been unable to reach an agreement with HAGL over the details of the investment structure.